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‘One Belt, One Road’ scheme lifts shares
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SHANGHAI stocks rose to a nearly one-month high yesterday as investors were buoyed by the “One Belt, One Road” economic concept.
The Shanghai Composite Index rose 2.15 percent to 3,298.36 points. The last time the index closed higher was on January 28 when it ended at 3,305.74.
Investors were cheered by the “One Belt, One Road” scheme as well as the decision by the National Development and Reform Commission to promote huge transport projects in China’s central and western regions.
BOCOM International Securities said the scheme will cover 16 provincial areas in the country and trigger massive business opportunities.
China Railway Erju surged by the daily 10 percent limit to 20.21 yuan (US$3.23), China Railway Construction Corp jumped 7.56 percent to 13.66 yuan, and China Railway Group rose 4.47 percent to 8.64 yuan.
The brokerage added that a railway line linking Central Asian countries will act as a conduit for exports.
Post-holiday liquidity rose as the central bank yesterday conducted 38 billion yuan worth of 14-day reverse repurchase agreements at an interest rate of 4.1 percent.
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